French Regulator Fines Seven for Insider Trades on BT-Net2S Deal

France’s market regulator issued almost 6.2 million euros ($8 million) in fines against six individuals and an investment firm for trading in shares of Net2S SA in 2007 based on insider knowledge of an offer by BT Group Plc. (BT/A)

The fines ranged from 60,000 euros to 2 million euros, and included a former BT official, and Intouch Investments, a firm formed by two former investment bankers in London who were also fined, according to the Autorite des Marches Financiers decision.

Two of those fined, a mother and son, will appeal, their lawyer, Jean-Dominique Lovichi, said. “The fines are very heavy” given their role, he said, and the AMF’s investigation had “procedural irregularities.”

Alexis Marraud des Grottes, a lawyer for Intouch and the two bankers, declined to comment on the decision.

A lawyer for the former BT official didn’t immediately return calls for comment.

To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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